Tax debt is usually where one fails to repay taxes on time to the government as legally required. Tax relief is basically a plan put into place to minimize or eradicate tax debts owed. A qualified tax lawyer has the needed know-how and is able to provide a legally sound advice to those who may be facing tax issues. The Fort Collins Tax Debt Attorney can help you to settle your tax debt. For more information, check out www.coloradotaxattorneys.net/tax-debt-attorney-fort-collins-co/.
Fort Collins tax debt attorney can help you to settle your tax debt by negotiating with the IRS for a reduction in the total amount owed. The tax debt attorney can also help you to settle for a lump sum payment that will allow you to payoff your tax debts in a single, reasonable payment. He/she will also be able to process an Installment Agreement (IA) for you, which will allow you to pay back taxes on a monthly basis. For more information on how to obtain an IA visit the website cefax dot gov.
If you are facing serious tax debt issues and have tried unsuccessfully to negotiate with the IRS, then it may be time to seek help from a Fort Collins tax debt attorney. There are cases where the IRS will not negotiate with you and has filed legal actions against you for failure to comply with their demands. When this occurs, there may be serious consequences for you including; fines, repossession of property, and in some cases, jail time. In these situations, seeking professional help from a Fort Collins tax debt attorney would be advisable. The attorney will review your case, and be able to evaluate your options to resolve the problem.
Another option available is to file for bankruptcy. Although filing for bankruptcy can clear your debt completely, it is not always the best solution. Many people who file for bankruptcy do not successfully pay off all of their debts and end up filing for bankruptcy again within a few years. This is because filing for bankruptcy cannot ensure that you will be able to maintain payments to your creditors. Therefore, you may not be able to find the financial relief that you need and could face the risk of having your home foreclosed upon.
It is not uncommon for taxpayers to seek tax debt relief by entering into what is called an Offer in Compromise (OIC). With an OIC, the taxpayer will agree to pay a specified amount of money in return for being allowed to file for bankruptcy. Although the OIC allows you to avoid serious consequences, the IRS is not required to accept it as an offer in compromise and is not required to go through the court system to enforce it. Because the IRS can file suit against you, if the OIC is not accepted, it is very easy to avoid paying back the excess penalties and interest that you owe.
An expert tax debt attorney can help you determine whether or not an OIC is the right option for you. There are many tax lawyers and enrolled agents available to assist with the complex issues involved in OICs. It is important to choose a highly skilled tax lawyer and an experienced enrolled agent so that you have a high degree of success with your claims. A good tax lawyer can also inform you of the likely outcome of the agreement you enter into with your tax debt attorney, should you decide to go with them to represent you in the court proceedings.